US Drilling: A ‘Double-Dip’ Recession?

Weekly rigcount data from Baker Hughes shows that US drilling has again fallen in early September after rebounding to 883 in August. The number of active rigs has fallen to just 864 (see graph), the most recent data shows,  a response to oil prices that have in recent weeks been languishing in the low-to-mid $40s/B for US marker WTI, way down on a June average of $60/B.

The number of rigs in Iraq rebounded...